7 Business Functions that a Retail Business should maintain
1. General Management Business Function
Manages the production process, plans production schedules and ensures that machinery, staff & materials are efficiently utilized. In order for a business to be effectively managed the retailer has to maintain the above mentioned criteria. 2. Production Business Function
Its purpose is to be in full control in the production process, make effective planning production schedules. Specifically concerning the retail industry that produces its own brand product it has to also maintain good standard on machinery, staff & materials are efficiently utilized which produce the products. There must be weekly monitoring of health & safety & environmental issues. Research & Development
* Develops products, designs, conducts, experiments & tests the need on the new products created. Manages projects. Writes reports. Keeps up to date with new developments. * Technological changes have to be taken into consideration quicker to maintain the profits made in the business. * Demonstrates & presents products to customers. Manages budgets. Learns about new products. Makes sure that the product meets the customers’ requirements. Writes tenders & proposals. 3. Marketing Business Function
Coordinates all the elements involved in successfully promoting & selling a product: market research, pricing, packaging, advertising, sales, distribution. Most retail businesses use forecasting, implementation of plans and also budgeting to maintain effective marketing strategy. 4. Financing Business Function
This business function provides the information required for the financial protection & planning of companies. It also prepares accounting records & management information as mostly in the business industry corruption as at most happening in retail our business will ensure good relations and faithfulness on Accountants and...
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